Department of the Navy Fiscal Year 2011 Annual Financial Report. Mission Ready: Managing Risk and Meeting Objectives
Abstract
The accompanying financial statements and related disclosures represent our enduring commitment to fiscal accountability and transparency. Through our Financial Improvement Program and related business transformation initiatives discussed earlier, we have made significant progress toward improving the quality and timeliness of our financial information. However, we are currently unable to fully implement all elements of U.S. generally accepted accounting principles and Office of Management and Budget (OMB) Circular A-136, Financial Reporting Requirements, due to limitations of our financial and non-financial management processes and systems feeding into the financial statements. Because of these limitations, the Department of Defense, Office of Inspector General, was unable to express an opinion on our FY 2011 financial statements. For financial reporting purposes, we are organized into two reporting entities: Department of the Navy General Fund (DON GF) and Navy Working Capital Fund (NWCF), which include financial information for both the U.S. Navy and the USMC. Each reporting entity has a separate set of financial statements and related disclosures.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 01, 2011
- Accession Number
- ADA595800
Entities
Organizations
- Assistant Secretary of the Navy (Financial Management and Comptroller)